Cullen/Frost Bankers' Q2 net income rises 8%
Overview
Cullen/Frost Q2 net income rises to $155.3 mln from $143.8 mln yr/yr
Net interest income for Q2 grows 7.9% yr/yr to $450.6 mln
Company sees slight increase in average total deposits despite seasonal weakness
Result Drivers
LOAN GROWTH - Average loans increased by $1.4 bln, or 7.2%, driven by organic growth, per CEO Phil Green
DEPOSIT INCREASE - Despite seasonal weakness, average total deposits rose by $1.3 bln, or 3.1%, compared to last year's second quarter
NON-INTEREST INCOME - Increase in trust and investment management fees and service charges on deposit accounts contributed to higher non-interest income
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS | $2.39 | ||
Q2 Net Income | $157 mln | ||
Q2 Net Interest Income | $429.60 mln | ||
Q2 Basic EPS | $2.39 | ||
Q2 Pretax Profit | $186.62 mln |
Press Release:
